CAO Singapore Criticism Heats Up

SINGAPORE -- A growing number of creditors of China Aviation Oil (Singapore) Corp. are criticizing the jet-fuel trader's proposed restructuring plan, while some are talking of selling their debt or other ways to recover their money.

The Chinese state-owned company, which lost US$550 million in derivatives trades last year, offered last month to repay creditors about 40% of what it owes them over the next eight years.